Anglo Irish Bank's head of internal audit, Walter Tyrrell, has told an Oireachtas committee that the movement of loans by former chairman Seán FitzPatrick into and out of the bank would have been known only by Mr FitzPatrick himself and the executive of his account.
Mr Tyrrell also told the Joint Committee on Economic Regulatory Affairs that loans were tested by random sampling and Mr FitzPatrick's loans were never selected, although a loan he held with a partner was.
Fine Gael's Kieran O'Donnell said it was amazing that all directors' loans were not tested. He said the revelations around the loans had caused irreparable damage to the financial system and they should have been picked up by the internal auditors.
Frank Daly, the newly appointed Government nominee to Anglo's board, said work was underway to ensure such events never happened again.
